A multi-million pound funding boost for healthcare research may help to find an "effective solution" for the diseases facing a growing elderly population, according to a health minister.

Lord Howe was also optimistic the £124 million injection would help the UK "thrive" in the global race.

This is great news for patients - this funding could potentially help the development of ground breaking treatments which could revolutionise care. With a growing elderly population, the need for innovative and effective solutions has never been more important.

We want the UK to lead the world in terms of health research and this announcement underlines that commitment.

It is vital that we invest in health research, not only to create the opportunities for health research to grow - but also to help our economy thrive so we can compete in the global race.